WHALE VAULT VALUATION - THE WORLD'S LARGEST NFT DATA RESOURCE 03.31.2022 - March 2022 - NonFungible.com
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THE WORLD’S LARGEST NFT DATA RESOURCE
WHALE VAULT VALUATION
03.31.2022 - March 2022
© All Rights ReservedPresentation
Purpose of the Report 3
Summary
Methodology 4 - 10
Vault Global Overview 11
Assets Distribution 12-14
Portfolio Distribution 15
Portfolio Value Through Time 16
Portfolio Valuation Details 17-18
Artists Valuation Details 19Purpose of the Report
This report published by NonFungible.com aims to give a clear This audit is based on the following Ethereum wallet:
and exhaustive inventory of the VAULT backing $WHALE, inform • 0xe7079eec020ddfc3f1c0abe1d946c55e6ed30eb3
about the overall value of the VAULT, its distribution between
• 0x5857b63d24e771c47f2d5216b1bab7a0a182abb0
projects and, if necessary, bring to light any risk of asset
• 0xfcBe3ff3A4AfAFE590f2f0C6eb9E624CE9C6980F
monopolies.
The previous edition of the report can be found here:
This audit now takes in consideration the Non-Fungible (NFT) and
https://nonfungible.com/static/february-2022-whale-vault-
Fungible (crypto-currencies,…) assets in the VAULT, including the
valuation.pdf
amount in the $WHALE Liquidity Pool. It has been conducted
autonomously and transparently by the NonFungible.com team
and will be published on a regular basis to report on the evolution NonFungible.com received 100,000 $WHALE tokens (1% of the
of the VAULT content and value over time. total supply), as a payment for these audits. Another 100,000
$WHALE tokens will be vested to NonFungible.com over the
course of 2 years.
This edition of the $Whale VAULT valuation report
has been built with the kind help of the Museum of
Contemporary Digital Art (MoCDA). This collaboration
between NonFungible.com and MoCDA has mixed
insights from the traditional art market and from the
NFT markets to value digital artwork.
3Methodology
In the interest of complete transparency towards $WHALE buyers and
users, we have chosen to publicly share the methodologies that led to
the evaluation of the VAULT. As the VAULT presents a wide variety of assets,
it was necessary to identify for each type of asset, the criteria that define
its value and its scarcity compared to the others.
Note that both ETH and USD prices (at the time of the sales & current
values) have been taken in account to estimate the assets. As we do not
track ERC-1155 yet, some asset hasn’t been considered for this valuation.
The following slides present the major lines of our calculation methodology
for the main types of assets in the VAULT.
It is important to keep in mind that these methodologies are meant to
evolve over time, depending on the markets, the evolution of projects,
and of course the assets that will constitute the VAULT tomorrow.
The NonFungible.com team remains available to answer any questions
regarding the dataset used or the calculation methods.
4Methodology
THE SANDBOX GODS UNCHAINED
During our analyzes we identified differences in The average price of each card based on card name
pricing between the areas of the first (upper zone) and quality on the secondary market in the previous
and second presale (lower zone). months has determined the value of each Gods
Unchained Card.
In order to assess the 1,697 plots of The Sandbox in
the VAULT, we applied the average price over the For certain very rare assets or those with no
past few months on the secondary market only, secondary market (i.e. Mythic Cards) the purchase
respectively $11,202 for the lower zone and $10,457 price has been kept as a reference value.
for the upper zone. Some Diamond Legendary cards were never sold in
The Sandbox parcels assessment has been partly the secondary market. The average price based on
based on the heatmap presented on the right. rarity, quality and god determined the value of these
cards for this valuation.
CRYPTOVOXELS
The average value of parcels per Suburb has been
selected as the main criteria defining the value of
CryptoVoxels assets.
This value has been weighted based on value
evolution over time.
5Methodology
SUPERRARE KNOWNORIGIN
The main criteria defining the value of a work of art The average price per artist over the past few
remains the artist who created it. The price of assets months defined the value of each artwork from
from SuperRare was therefore estimated based on KnownOrigin present in the VAULT.
the average price of each artist's works.
As the secondary market volumes are too low, no
As the secondary market volumes are too low, no weighting has been applied between the primary and
weighting has been applied between the primary and secondary markets.
secondary markets.
MAKERSPLACE
FOUNDATION The average price per artist defined the value of each
The average price per artist defined the value of each piece of art from MakersPlace.
piece of art from Nifty Gateaway. The unique editions
As the secondary market volumes are still too small,
are valuated separately from the Open editions.
no weighting has been applied between the primary
and secondary markets.
NIFTY GATEWAY
The average price per artist defined the value of each
piece of art from Nifty Gateaway. The unique editions
are valuated separately from the Open editions.
6Methodology
TERRA VIRTUA AVASTARS
The name of the movie poster emerged as the The Serial number (# 0 to # 5172) and the Level
criteria defining the value of each asset and offering (Common to Legendary) were retained as key criteria
greater analytical finesse than the Rarity of the asset. defining the value of avatars. It is by crossing these
two criteria and correlating them with their evolution
The average value of each asset over the past
over time that the value of Avastars assets has been
months (primary and secondary markets) has been
defined.
used to assess Terra Virtua's assets.
As the secondary market volumes for the legendary
avatars are still too low, no weighting has been
JOY WORLD applied between the primary market and the
Since almost all of JOY World's assets are unique, it is secondary market. Finally, extremely rare assets,
more difficult to compare asset ratings with each such as Legendary Avatars # 0 and # 1 have no
other via relevant categories. comparison to date. The purchase price has for the
moment been kept as a reference value for these
It was decided to separately track the market value assets.
for each asset in the JOY World collection, based on
the previous secondary market sales.
7Methodology
ETHEREUM NAME SERVICE PFP (CloneX, Meebits)
Each ENS is unique by definition. The most relevant We took into account the price history of each
criteria that appeared to define the value of ENS person with one or more of the same characteristics
domain names is the number of characters that of the NFTs held and determined the average price
make up the domain name, and if the names makes to know the value of each NFT held in the vault.
sense. A "Pig" meebits or a CloneX with a Murakami trait will
This value by name size has been weighted according therefore be worth more.
to the price on the secondary market and the
evolution of the price for the past 3 months.
CRYPTOMOTORS
Finally, for "exceptional" domain names, the The methodology has been updated to reflect the
purchase price has been kept as a reference value, updated price of some collections of cars that have
due to the lack of a secondary market. not been traded for a very long time.
The estimate now takes into account the average
RTFKT value of each range (SUV, Abyssus, Sedan, etc.) over
We have grouped together within RTFKT three the past few months, in order to rely on
collections: RTFKT MNLTH, RTFKT PodX and Cyber representative market volumes.
Factory 2.
The methodology used is based on the average price
history as well as the offers for each collection.
8Methodology
NBA TOP SHOT To estimate the value of these two special cases, we have two
methodologies:
NBA Top Shot Moments (cards) have been priced
considering transactions since January 2021 and 1. If a moment from this Player numbered #1 or with Jersey
prioritizing the most recent transactions whenever number has been sold in the past few months, we take in
possible. account this last sale
1. If no sale with these characteristics occurs, we calculate the
Each Moment is estimated by taking into account the Average price difference between “normal” cards (not #1
average value of previous sales: and not Jersey) and #1 cards and then between normal
● Of the same player (ex. LeBron James) cards and cards with the player's Jersey number. As we've
identified that the initial Moment Price had an impact on
● In the same set (ex. From the Top) the #1 and Jersey cards, we have identified a percentage
per range of value of the initial Moment.
This average value is calculated over the past 3
months and excludes two specific cases which are Example:
treated separately: Over the last three months, the average value of LeBron James
cards (Player ID # 2544) in the From the Top set (59 cards
● Moments numbered #1
available) except # 1 and # 23 (LeBron Jersey) is thus used to
● Moments whose number matches the player's estimate the LeBron James in this set.
Jersey number
Note: Market Floor Price has not been used in this valuation.
9Methodology
OTHER ARTISTS OR MARKETPLACES ● Bid wars when buying help define how the market
perceives the value of the asset.
Following the feedback on the first assessment, we
completely overhauled the valuation model for ● The bids that have been made since the acquisition of the
artworks and independent artists, with the help of work should be considered with caution but can provide
MoCDA's art market experts. information on the perceived price of the work on the
market.
Here are some of the rules that have made it
possible to adjust the valuation of works: OTHER ASSETS
● Reduce the time period taken into account For the other projects, the average value of project assets over the
(the rating of an artist in the NFT ecosystem last few months has defined the value of the other VAULT assets.
can change quickly, it was not relevant to take
Note that some projects had too small overall market volumes
into account sales older than 6 months)
(Primary and Secondary) to conduct an analysis with greater
● Sales of unique / incomparable purchases with granularity.
other assets define the reference price of
these works.
● The overall reputation of the artist and / or the
work (social media, web, galleries, etc.)
contributing to the value of the asset
10Total Vault Valuation
Fungible
Tokens
$6 372 784
5,09%
Non-Fungible
Tokens
$118 897 350
94,91%
$125,270,134
Source: Uniswap, Etherscan, CoinGecko 11Fungible Assets Value
USDC
$Whale Liquidity
$102 700
Pool
2%
USDT $2 039 147
$399 648 32%
6%
SGD
$557 350
9%
Mork ETH
$95 998 $158 256
1% 2%
1337
$760 000
12%
$Whale
FWB $1 761 511
$498 174 28%
$ 6,372,784
8%
Source: Uniswap, Etherscan, CoinGecko, WhaleShark for the SGD 12Fungible Assets Value
Liquidity Pool
158,859 WHALE
303.171 ETH SGD 557,350 $ 2,039,147
Crypto Currencies FIAT Reserve Liquidity Pool USD Value
Wallets
45.98 ETH
276,099 WHALE
1,000,000 1337
7,900 FWB
49,999 MORK
102,700 USDC
399,648 USDT
$ 3,776,287
Wallets USD Value
Crypto Currencies in 0xE70…0eB3 and 0xfcB…980F
Current Value
$ 6,372,784
Total USD Value
Source: Uniswap, Etherscan, CoinGecko, WhaleShark for the SGD 13Non-Fungible Tokens Value
Volume
13,407
Assets in Portfolio
84 Typologies of Tokens**
Current Value
$118,897,350
Total USD Value (-12.6%*)
*Evolution since previous report (January 2021).
**Typologies of Tokens, not volume of projects.
For example, 3 type of Gods Unchained assets are present in the VAULT: CARD, GU:G:BRD & GU:HYDRA
14Portfolio Distribution
JoyWorld Nifty Gateway
MakersPlace $2 630 362 NBA Top Shot
$1 489 984
334 2% $15 796 460
KnownOrigin 1%
3% 13%
The Sandbox 243
1 697 MakersPlace
2% $1 662 400
13%
1%
Avastars
$1 060 473
1%
CryptoVoxels
183
1% The Sandbox
$18 553 234
16%
SuperRare
512
NBA Top Shot CryptoVoxels
4%
9 578 $3 976 561 SuperRare
Gods 72% 3% $70 484 530
Unchained 59%
237 VOLUME VALUE
2%
15NFTs value through time $118,897,350
(03.31.2022)
$160 000 000 $135,988,032
(02.28.2022)
$140 000 000
$120 000 000
JoyWorld
$100 000 000 The Sandbox
CryptoVoxels
$80 000 000
$60 000 000
$535,480
$40 000 000 (05.18.2020)
SuperRare
$20 000 000
NBA Top Shot
$0
The overall growth in value is due to the increase in value of the assets in the VAULT, the regular addition of new assets to the VAULT and the increase of ETH value.
16Project # of assets Value
NBA Top Shot 9,578 $15,796,460 -6.2%
*
Gods Unchained* 237 $547,738 N/A
HOW TO READ THESE
RESULTS?
SuperRare 512 $70,484,530 -14.9% The positive or negative trends
DOES NOT NECESSARILY imply
an increase in the value of these
assets. The trend can be
CryptoVoxels 183 $3,976,561 -2.88%
explained by 3 reasons:
1 | addition or removal of some
The Sandbox 1 697 $18,553,234 -17.10% assets in the VAULT
2 | market value evolution
3 | methodology fine-tuning after
Avastars 37 $1,060,473 +17.5% community or experts' feedback
N/A means that no relevant
trend has been identified or that
MakersPlace 334 $1,662,400 -5.59% the value hasn’t changed since
previous audit.
These data should in no way be
Pascal Boyart 8 $416,258 +27.1% considered as investment
advice.
Meebits 6 $83,368 -2.4%
KnownOrigin 243 $558,227 -8.72%
JOYWorld 32 $2,630,362 -0.1%
*Gods Unchained moved their cards to Immutable X, the price haven't been updated.
*Gods Unchained moved their cards to Immutable X, the price haven't been updated. 17Project # of assets Value
Alotta Money 13 $132,617 +1.22%
*
CryptoMotors 28 $57,342 N/A
HOW TO READ THESE
RESULTS?
Ethereum Name Service 9 $4,383 N/A The positive or negative trends
DOES NOT NECESSARILY imply
an increase in the value of these
assets. The trend can be
Josie 3 $78,525 -31.7%
explained by 3 reasons:
1 | addition or removal of some
Didier Ra 18 $49,702 +16% assets in the VAULT
2 | market value evolution
3 | methodology fine-tuning after
Nifty Gateway 18 $1,489,984 -1.15% community or experts' feedback
N/A means that no relevant
trend has been identified or that
Foundation 37 $241,782 -1.9% the value hasn’t changed since
previous audit.
These data should in no way be
RTFKT 36 $305,830 N/A considered as investment
advice.
CloneX 12 $641,217 +15.3%
Miscellaneous 207 $43,699 N/A
18Artists Valuation # of assets Total Value
XCOPY $2,079,069 23 $47,818,589
XCOPY $43,451 2 $86,975
Pak $27,329 13 $355,273
Hackatao $330,815 13 $4,300,603
Hackatao $14,325 3 $42,975
Pak $670,065 18 $12,061,186
Pak $908,327 1 $908,328
Brendan Dawes $2,917 54 $157,549
Brendan Dawes $3,782 19 $71,875
NeuroColor $19,869 11 $218,560
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